Even when we stress test the model with slower inventory turns and faster payables turns, or with significantly lighter revenue, we still come out with more than $500 million in cash at the end of the March quarters in both 2001 and 2002.

Amazon at this level is a large retailer. So, 84 percent year-over-year growth is not bad in a very seasonally tough quarter, particularly given that Amazon's core categories are at their seasonally weakest in the June quarter. You did see that in their segment breakout. Books, music and video grew at 38 percent, but June is the toughest quarter.